No, it is more than an annealer. I think they are aiming for a 7 x 7 lattice of qubits with nearest-neighbor two-qubit gates and one-qubit operations that are enough for computational universality.
(The noise rates will still be relatively high, and they might not be able to measure [and reinitialize] qubits at intermediate steps, feeding results back adaptively. Practically, that would limit using fault tolerance.)
(The noise rates will still be relatively high, and they might not be able to measure [and reinitialize] qubits at intermediate steps, feeding results back adaptively. Practically, that would limit using fault tolerance.)